Survey: Most Poor Risks Seek Credit Repair

In a survey by American Business Financial Services Inc., the majority of potential borrowers with blemished credit records said they are taking steps to repair their credit rating and are using home equity loans for debt consolidation.Of those responding to the survey, 62% said they were looking for a loan to consolidate debts and 15% said they were planning home improvements, the company said. Moreover, 66% said they believed that if they successfully paid off a loan, it would help them repair their credit. "The results confirm what we have long suspected," said Anthony J. Santilli Jr., the company's chairman and chief executive officer. "Specifically, these individuals represent an underserved but viable market. They are hardworking people, and access to funds is key to helping them restore their credit." Participants in the survey were visitors to the website of the company's Upland Mortgage subsidiary who used the EasyLoan Advisor tool. The website can be found at http://www.uplandmortgage.com.